In a move that few in the financial advisor community favour, insurance companies soon will begin disclosing the value of compensation paid to intermediaries who sell group retirement services and group benefits plans. That intent raises questions about whether advisors selling individual life insurance soon could be subject to similar compensation disclosure. The Canadian Life and Health Insurance Association Inc. (CLHIA) instituted its new disclosure regime through Guideline G19, issued last month. Instituting the disclosure rule follows consultation with CLHIA members, notification of the insurance industry’s regulators and ratification by the CLHIA’s board of directors. However, G19 was ratified without prior consultation of affected advisors and intermediaries. The disclosure is expected to commence on Jan. 1, 2019 – six months […]
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